Q.1. A food processing company has two sequential production departments: mixing and cooking.The cost of the January 1 work in process in the cooking department is as follows:

Direct material$79,000

Conversion30,000

Transferred-in costs182,000

During what time period and in what department were the $182,000 of cost shown above incurred? Can you please explain the answer.

Q.2. What is the difference betweentransferred-in costsandcosts of units completed and transferred.Can youcite an example of each.

Q.3. Why do product-costing systems based on a single, volume-based cost driver tend to overcost high-volume products? What undesirable strategic effects can such distortion of product costs have?Can you please explain the answer and provide an example.